MetaMask, the popular Ethereum wallet, has now surpassed over 5 million active monthly users (5x) following huge demand for access to Decentralized Finance (DeFi) and NFTs.
According to MetaMask creator, ConsenSys, the majority of users are using MetaMask Swaps, which has seen over $2 billion in accumulated transaction volume over the past 6 months.
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This impressive milestone comes just 6 months since MetaMask had only 1 million users.
MetaMask Swaps, a feature that debuted in October 2020, allows users to swap tokens directly from their wallet suing data from decentralized exchange aggregators, professional market makers, and individual DEXs.
Before MetaMask Swaps, users would navigate many DEXs to compare prices and swap tokens. However, using a single DEX or DEX aggregator doesn’t always yield the best price for every trade, as each aggregator performs differently under different circumstances. Additionally, users needed to approve each token on each DEX, incurring expensive gas costs.
Below is a breakdown of the latest MetaMask stats over the past 6 months:
- Over $2 billion in transaction volumes on MetaMask Swaps
- More adoption happening in the Global South where there is a lack of formal banking systems
- India and Indonesia among the top 5 countries in MetaMask adoption
- Nigeria and Vietnam among the top 10 countries in MetaMask adoption
- Increasingly, more people using MetaMask to earn supplemental income or make long-term investments
- NFTs is now the second most popular use case for MetaMask only behind Swaps – Google Searches for ‘NFT’ are 4x higher than for DeFi
The continued growth in both DeFi and NFTs is expected to see further growth for MetaMask as DeFi continue to hit all-time highs and as more people discover and enter the space.
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RECOMMENDED READING: Emerging Markets Like Africa Made Up Only 10% of the DeFi Traffic in February 2021
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